Forex Market Analysis
Most Likely Scenario: Short positions below 1.096 with targets @ 1.086 & 1.08 in extension.
Alternative scenario: Above 1.096 look for further upside with 1.1035 & 1.11 as targets.
Comment: The pair stands below its resistance and remains under pressure.
EUR/USD Intraday: break of a ST rising trendline support.
GBP/USD Intraday: bullish bias above 1.487.
Most Likely Scenario: Long positions above 1.487 with targets @ 1.498 & 1.501 in extension.
Alternative scenario: Below 1.487 look for further downside with 1.481 & 1.477 as targets.
Comment: A support base at 1.487 has formed and has allowed for a temporary stabilisation.
Most Likely Scenario: Long positions above 119.15 with targets @ 119.9 & 120.35 in extension.
Alternative scenario: Below 119.15 look for further downside with 118.9 & 118.65 as targets.
Comment: Technically the RSI is above its neutrality area at 50.
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